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Do I need to pay taxes if I received a check more than $14000 If the donor doesn't declare the money as a gift?
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May 31, 2019
5:44 PM
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Retirement tax questions
A gift is not taxed.
any gift tax reporting requirement is the donor's issue.
May 31, 2019
5:44 PM
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Retirement tax questions
"Do I need to pay taxes if I received a check more than $14000 If the donor doesn't declare the money as a gift?"
It is possible, per Section 6324(b), to have donee liability for any unpaid gift taxes owed and not paid by the donor.
May 31, 2019
5:44 PM
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Retirement tax questions
"Gift
Tax" is somewhat of a misnomer. Even though a gift tax return
may be required, very few people ever actually pay federal gift tax. The
purpose of the gift tax return is usually only to document a reduction in the
allowable estate tax exemption.
See https://turbotax.intuit.com/tax-tools/tax-tips/Tax-Planning-and-Checklists/The-Gift-Tax-Made-Simple/...
If you know, for sure, the purpose and intent of the check is as a gift to you, you don't need to worry about it.
May 31, 2019
5:44 PM